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California Supreme Court resolves Court of Appeal split, holding that Section 2010 of the California Corporations Code -- California's "Survival Statute" -- does not apply to foreign corporations

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • February 27 2013

In Greb v. Diamond Int'l Corp., 2013 WL 628328 (Cal. Feb. 21, 2013), the California Supreme Court unequivocally and unanimously laid to rest the

Dead zone? Direct claims by creditors of a California corporation may not lie against management based on management's allegedly shifting duties when corporation is in the zone of insolvency or even insolvent

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • August 25 2010

The California Court of Appeal recently rejected the argument that directors and officers owe fiduciary duties to the company's creditors when the company is in the so-called "zone of insolvency," or is even clearly insolvent

California Court of Appeal clarifies fiduciary duties when a company is insolvent or nearing insolvency

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • January 8 2010

Directors of California corporations have, for years, struggled to understand the scope of their fiduciary duties when a corporation is insolvent versus when a corporation is in the "zone of insolvency."

Expanded protections for directors navigating the zone of insolvency

  • Sheppard Mullin Richter & Hampton LLP
  • -
  • USA
  • -
  • October 25 2007

In 1991, a decision of the Delaware Chancery Court helped popularize the term "zone of insolvency.”